What is supplemental pension in SAP PA-PF - Pension Schemes?

SAP Term: supplemental pension

• Component: PA-PF

• Component Name: Pension Schemes

• Description: A pension paid either by the employer, the employee or both to compensate legal pension.

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• Key Concepts: 
  Supplemental pension is a type of pension scheme offered by SAP in its PA-PF Pension Schemes component. It is a form of retirement plan that provides additional income to employees after they retire from their primary job. This type of pension plan is typically funded by the employer and is designed to supplement the employee's primary retirement income. 
  
  How to use it: 
  The SAP PA-PF Pension Schemes component allows employers to set up and manage supplemental pension plans for their employees. Employers can customize the plan to meet their specific needs, such as setting contribution levels, vesting periods, and other details. Employees can then access their supplemental pension funds when they retire from their primary job. 
  
  Tips & Tricks: 
  When setting up a supplemental pension plan, employers should consider the tax implications of the plan and ensure that it meets all applicable regulations. Employers should also consider how the plan will affect their overall retirement strategy and ensure that it is properly integrated with other retirement plans they may offer. 
  
  Related Information: 
  For more information on supplemental pension plans, employers can consult with a financial advisor or visit the SAP website for more details on the PA-PF Pension Schemes component. Additionally, employers can review other resources such as government websites or industry publications for more information on supplemental pensions.